Business, Technology

High Churn Rate in Apps: 3 Causes And Remedies

Across all industries and as of the second half of 2018, 71% of all app users churn within 90 days. This high churn rate is very disturbing and frustrating to businesses taking into consideration that it can cost five times more to convert a new customer than it does to retain an existing one. The customer churn rate is obtained by dividing the number of customers you lost in a quarter by the number of customers you had at the beginning of that quarter. It’s a very important metric in understanding whether your company is experiencing a high customer churn rate. If you are surprised why your brand should be concerned about apps churn rate, users connected to iOS and Android devices spend 86% of there time on apps while they spend only 14% on browsers. What then are these 3 causes of high churn rates in apps? 1. Lack of qualitative value Why you use an app is because you want to solve a particular problem and if that problem persists, you may want to reconsider your initial decision. Meanwhile, the following apps are assessed based on what they do well, Uber – Helps people reliably secure transportation. Waze…

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Technology

3 Steps to Effectively Mitigating The Effects of Cyber Attacks

The fight against cyber attacks have basically been preventive but it has clearly dawned on brands that cybercriminals are not relenting on their assaults and are even becoming tech-savvier as days go by. Going by a new Ponemon Institute report that some 90% of critical infrastructure (CNI) providers’ claim that their IT/OT environment has been damaged by a cyber-attack over the past two years and that there were at least 2,100,480,045 records compromised in March 2019, it’s glaring that the attacks can be overwhelming and also cut across boards.. It, therefore, won’t be out of place if you have to reach a balance between preventative and recovery measures. You should operate on the premise that you may not outrightly be able to nip every future attack in the bud with preventive measures and for this reason, there must be a balance with recovery. If adequate resources are distributed over protection and recovery, you will put yourself in a much better position not only to fight cybercrimes but to also mitigate the effects if for any reason you suffer an attack. The following 3 steps will put you in good stead to effectively mitigate the effects of cyber attacks. 1. Incidence…

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Marketing, Technology

How Chatbots Improve Customer Engagement

Marketing revolves around customers and any brand that fails to leverage customer engagement is obvious to fail on customer expectations. Customers are the central point of any kind of business, and if you are facing very stiff competition from other players in the market, you can’t afford to toy with customer engagement. Today customers want to have their questions answered instantly. This necessarily means that you should be equipped to provide around the clock service. Since humans are known for certain frailties and cannot be expected to constantly provide 24/7 service, the coast becomes very clear for chatbots to effectively and efficiently engage customers. Chatbots technologically, are meant to only represent the natural evolution of a Question Answering system based on Natural Language Processing (NLP). The formulation of responses to questions in natural language is one of the most typical Examples of Natural Language Processing applied in various enterprises’ end-use applications. Chatbots outstandingly streamline interactions between people and services, thereby enhancing smooth customer engagement. At the same time, they offer businesses new opportunities to improve the customers’ engagement process and operational efficiency by distinctively lowering the typical cost of customer service. The following are ways chatbots effectively help brands in…

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Technology

How to Protect Your Personal Data With VPN

We constantly wake up to news of fresh online security scares and this makes it absolutely compulsory that you must seek means of ensuring that your personal data is protected. The  Identity Theft Resource Center and CyberScout annual end-of-year data breach report, revealed a 126% increase in exposed consumer’s personal data and 1.68 billion email-related credentials. In Also very disturbing is the February report that hackers were distributing a “megaleak” among themselves of more than 2.2 billion unique usernames and passwords. These were personal data obtained in recent years as part of database breaches from top-notch sites such as Dropbox, LinkedIn, and Yahoo among others. You still must not undermine the fact that hundreds of millions of Facebook users had their account passwords stored in plain text and searchable by thousands of Facebook employees. If you take into consideration the mammoth size of cybercrimes and the sophistication of cybercriminals you may want to believe that taking steps to protect yourself online might seem like a fool’s errand. But it’s a task that must be necessarily accomplished. VPNs, or Virtual Private Networks, are services that route your online traffic through an encrypted server so you can browse safely and anonymously on…

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Technology

4 Spectacular Ways Chatbots Can Increase Your Conversions

It’s possible that you’ve been considering the fuss about chatbots as just another fad or buzzword which does not significantly translate to an increase in revenue, then you are in for a big surprise. Chatbots can be used to improve your customer experience and increase conversions. Did I hear you just say increase conversions? Yeah! That must have got your adrenaline pumping and it’s very correct. Wait a minute! That’s not the only juice, with chatbots you will be making sales day and night, around the clock, and 24/7. According to a survey, 73% of consumers said they were more satisfied with their live chat experience as compared to email (51%) and phone (44). Now place that by the side of the estimated projection that 2.1 billion people will be shopping online globally which will yield $4.5 trillion by 2021 and the projected increase that 95% of purchases will be made online by 2040, have you now seen the reason you need to implement chatbots? Wow! Such staggering figures should unnerve anybody including you and you must be finding it extremely difficult to wrap that around your head. The numbers by any known standards are at once invigorating and daunting.…

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Marketing, Technology

How to Scale-Personalize Your Marketing With AI

The nature of marketing has made it absolutely necessary to embark on the survival of the fittest and this can only be done by constantly honing and upping your area of competitive advantage. Fortunately for you, however, Artificial Intelligence (AI) has recently opened the door to scale-personalize without compromise. No two customers are exactly the same, there are differences, concerns, feelings, pain points, and needs that must be addressed individually. But in a world of 7.7 billion people as of February 2019, according to the most recent United Nations estimates, it seems almost impossible to scale-personalize marketing. How do you go about attending to the different needs of these people, when everybody wants to be reckoned with? This is surely a herculean task especially now that customers want to know where, when, and how without being given excuses. Humans have constraints as well as the propensity to be inconsistent, therefore, it becomes difficult to effectively create responses that can appeal to a larger group at the level of the individual. Also, just one interaction that is out of context is enough to make you proffer the wrong response because you didn’t understand what brought about that particular interaction and in…

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